How To Thrive In A New Niche

The 7-Figure CEO Podcast

In this episode of The 7-Figure CEO Podcast Casey sits down with Nick Ray, CEO and co-founder of Modern Nash. Nick took a small idea, a U-haul truck, and a trip to Atlanta and shaped it into the seven-figure business he now runs today. Hear how Nick runs his business today through ancillary services, big data points, and surrounding leadership.

Nick grew up in a family of restaurateurs and has worked in the retail and food and beverage industry for over 25 years. He has done just about everything you can in the restaurant business. From dish washing to upper-level management to ownership, Nick’s background has given him a sharp focus on customer service and the consumer shopping experience. Which was the springboard for his latest business-venture, Modern Nash. Modern Nash is a furniture supply company that is changing the way consumers shop for home furnishings. The business model is unique, creative, and amazingly simple. Listen to hear how Nick is carving out a new niche in the furniture industry.

Hiring Employees

• Do not hire to fill a hole.
  • Doing this causes disruption and difficulty for your existing employees.
• Look to hire the right people for your business.
• Seek referrals from friends or other business.
  • You want to have employees you enjoy being around.
  • If someone refers a potential employee than they obviously like being around them.
• Be a company that helps employees get to their next step in life, do not hold them back from that.

Creating Services

• Think about the issues that you have faced in life and start small.
• Once your business grows create ancillary services because this is where the big bucks will come in mostly.

Data

• Pinpoint the one or two big data points that really matter to your business and focus primarily on those.
• What bid data points are going to move your business forward?

Customer care

• Create services that the customer needs and that make their life easier.
• Follow-up with inquiries in 24 hours.
• Give the customer multiple options to contact you and meet with you.
• Automation is key to improving your business.
  • Automation services make it easier for customers to use your business.
  • However, do not let automation get in the way of the personal interaction; find the balance.

Leadership

• Find people in your life that will help you grown and change into a better leader.
• Listen to what others around you have to say and lean in on their advice.
• Have at least one person who can mentor you through the business process and also be there to talk about life.

Links:

https://modernash.com

https://www.allgravy.io

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